Saturday, August 09, 2014

As evidence mounts of a looming taxpayer-funded bailout of health insurance companies under ObamaCare, the urgency grows for Congress to take this possibility off the table for good.

As expected, ObamaCare's costs are rising, and health insurers are passing them along to patients in the form of higher premiums and deductibles.

Just this week, a majority of insurers offering health plans in Florida announced rate increases ranging from 11 to 23 percent. This means that if patients balk at paying this sharp increase and drop their coverage, these health insurers will have to make up the difference somehow.

Enter section 1342 of the ObamaCare law, which established so-called "risk corridors".

According to this provision, taxpayers will make up the difference for health insurance companies whose plans lose money under ObamaCare.